Terry Sweeney, the flamboyant comic who often put on [Nancy Reagan] drag during the 1985-86 season of Saturday Night Live, is hosting Wednesday's Late Show, as Nancy. Sweeney says his Nancy is ``very anxious to show off her new Italian shoes she got while attending that damn summit that cut into her shopping time and nearly ruined her vacation.'' But seriously, who'll be guests? ``Just Fawn Hall and Don Regan, they're the ones I'm trying to get.'' Dream on.

MAD AT ADS: Pay-cable giant HBO isn't amused by archrival Showtime's new marketing campaign, which tells consumers and cable operators: ``Showtime and HBO: It's not either or anymore.'' A ``cease and desist'' order has been issued, but HBO vice president David Pritchard says, ``We've received no formal response from them, and that concerns us.'' HBO objects to the slogan because it ``misuses'' the company's trademark and the copy is ``confusing. It appears that we're the same company.''